Browsed by
Category: Uncategorized

Contactless Card Payment

Contactless Card Payment

Contactless payment refers to the payment of an amount to a terminal by using a debit or credit card without any swiping or entering a PIN in the terminus, hence the term “contactless”. We all know the traditional method of payment of money in a terminus by swiping our card, followed by entering our secret PIN which is always a hassle with payment declination for various reasons like forgetting the PIN and is also a time-consuming process amidst our busy,…

Read More Read More

Integration of AI in Financial institutions

Integration of AI in Financial institutions

Standing at the dawn of the twenty-first century Artificial Intelligence commonly quoted as “AI” has become the most powerful tool for all industries by increasing their efficiency so as they can provide mass service to everyone with the minimum possible turnaround time. In our current times with our global family comprising of 7.8 billion people, it has become a challenge for companies from all industries to provide their services to everyone whether operating on a global or regional scale. One…

Read More Read More

Financial Inclusion through Fintech

Financial Inclusion through Fintech

Fintech companies are uniquely qualified to drive financial inclusion through payments, which act as a gateway to various services such as savings, credit, and insurance. Payments services can be called transaction accounts which are operated by regulators. This can be used by regulators to enable users to meets financial obligations through payments and store the rest. Fintech can improve the design of payments and accounts by making them accessible, enhance the user experience, and provide assistance. As Fintech companies move…

Read More Read More

Influence of Fintech startups on Payments industry

Influence of Fintech startups on Payments industry

In the past, transactions between merchants and customers used to take place in the form of gold, silver, cattle, and other physical commodities. Post-1971, the traditional transactions ended when the US and other world fiat systems detached from the gold standard and embraced the floating exchange rates. However, over the past 50 years, financial systems realized the payment systems built are obsolete with the entities embracing fintech disruptions like virtual currencies, distributed ledgers, and decentralized protocols. Fintech startups are led…

Read More Read More

Credit Line

Credit Line

The credit line, also known as the Line of Credit (LOC) is a type of standing loan, which entitles an individual entity, organization, or business to borrow money and thereafter repay it. Once the borrower repays the outstanding amount, they can continue borrowing money without applying for a new loan whatsoever. Credit line does a huge favor to those experiencing monetary deficit and makes it possible for them to continue their business, or complete a project, or fulfill their personal needs….

Read More Read More

Possible Reasons for Credit Card Rejection

Possible Reasons for Credit Card Rejection

Credit card providers have their own parameters set and they adhere to those while evaluating credit application requests. The reasons for rejecting your loan will be listed in your adverse action letter. The 6 most common reasons behind the rejection of credit application can be as follows: 1. Low credit score 2. Low income; every credit card provider has a fixed amount set as a minimum salary eligibility for the applicant 3. Inaccurate application details 4. Job instability 5. Number…

Read More Read More

Credit Card Information Fraud

Credit Card Information Fraud

Here, breached or compromised information is used to gain access to bank accounts, loan applications, and other tools to defraud lending institutions. Here are the types: Web Scraping – Here, fraudsters scrape the internet, mostly social media platforms or websites where people register themselves, to gather an individual information. Account Hacking – Hacking – A serious offense, fraudsters hack into an existing genuine bank account and apply for a loan through that account. Loan Phishing – Here, fraudsters send an…

Read More Read More

What Should I Be Wary of When Consolidating Debt?

What Should I Be Wary of When Consolidating Debt?

Consolidating your debt isn’t an easy fix. While it’s often a smarter way to manage your debt and could help you pay off your debt sooner, you do have be aware of the fine print. Things to look out for: Check that your new interest rate is lower than what you are currently paying; otherwise you may end up finding yourself in more debt. Don’t forget to take the fees and charges into consideration. If you have organized a balance…

Read More Read More

Pros and Cons of Credit Card Debt Consolidation

Pros and Cons of Credit Card Debt Consolidation

The following are various advantages and disadvantages of credit card debt consolidations; please have a look before taking a decision. Pros Below are the advantages of credit card debt consolidation: Honeymoon rates Lower interest rates Less fees Cons Below are the disadvantages of credit card debt consolidation: If misused, you’ll grow debt Post-honeymoon interest rates could be higher Post-honeymoon fees could be higher vCard is a Mobile Credit App (Credit Card and Credit Line) which allows UPI Payment to any…

Read More Read More

What is Debt Consolidation and Why Should I Do It?

What is Debt Consolidation and Why Should I Do It?

Credit card debt consolidation is when you combine your multiple existing credit card debts into one to better manage your repayments and minimise the amount of fees and interest you’re paying. This is usually done through a debt consolidation personal loan or a balance transfer credit card. However, you should ensure the consolidated debt’s interest rates and/or fees are not higher than what you were paying on your previous debts.